Utilities
Pinnacle West Capital Corp (PNW) options and signal
Figures as of 28 Sep 2026
PNW is Pinnacle West Capital Corp, an Utilities name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.
Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.
At a glance
| Figure | Value | Date |
|---|---|---|
| IV rank | 81 of 100 | 28 Sep |
| At the money IV | 34.8% | 28 Sep |
| Priced move to 16 Oct | 7.7% down, 6.8% up | 28 Sep |
| Call wall and put wall | Both 95 | 28 Sep |
| Signal and the desk's view | No signal, view bullish | 25 Sep |
Options Snapshot
PNW's IV rank is 81 of 100 on 28 Sep 2026.
| Figure | Value |
|---|---|
| IV rank | 81 of 100 |
| At the money IV | 34.8%, near month, 18 days |
| Put/call ratio, open interest | 0.29 |
| Call open interest, strikes captured near the price | 2,320 contracts |
| Put open interest, strikes captured near the price | 665 contracts |
| Cost to trade at the money | Wide, 87.6% of the option's mid price |
IV rank is where the at the money IV sits among PNW's own weekly readings, 0 the lowest and 100 the highest.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Options Snapshot in RingMasterThe Options Snapshot guide
Priced Range
On 28 Sep 2026, PNW options priced a move of 7.7 percent down and 6.8 percent up by 16 Oct 2026.
| Expiry | Days | Down | Up | Range |
|---|---|---|---|---|
| 16 Oct 2026 | 18 | 7.7% | 6.8% | 84.26 to 97.50 |
| 20 Nov 2026 | 53 | 12.2% | 13.1% | 80.22 to 103.32 |
| 18 Dec 2026 | 81 | 12.6% | 11.7% | 79.82 to 102.02 |
| 15 Jan 2027 | 109 | 18.4% | 15.4% | 74.52 to 105.42 |
| 16 Apr 2027 | 200 | 21.8% | 18.2% | 71.42 to 107.92 |
The range is one standard deviation either side of the close of 91.32, as the option prices imply it.
A priced move restates option prices at the close and says nothing certain about where the price goes.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Gamma Map
On 28 Sep 2026, PNW's call wall and put wall are both at the 95 strike.
| Figure | Value |
|---|---|
| Call wall, most open call gamma | 95 |
| Put wall, most open put gamma | 95 |
| Flip strike, where net gamma changes sign | 90.71 |
| Net dollar gamma, calls minus puts | $343,282 |
| Total dollar gamma, both sides | $737,083 |
| Close | 91.32 |
Dollar gamma is stated for a one percent move in the price.
Net is calls minus puts under the standard convention, not a record of who holds the contracts.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Volatility Weather
On 28 Sep 2026, PNW's at the money IV runs from 34.8 percent at 18 days to 26.4 percent at 200 days.
| Days to expiry | At the money IV |
|---|---|
| 18 | 34.8% |
| 53 | 32.0% |
| 81 | 26.9% |
| 109 | 28.0% |
| 200 | 26.4% |
Near expiries price more volatility than far ones, an inverted term structure.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Volatility Weather in RingMasterThe Volatility Weather guide
Volatility Smile
On 28 Sep 2026, at the 53 day expiry, PNW's IV ten percent below the price sits 5.6 points above at the money IV.
| Strike area | Implied volatility | Against at the money |
|---|---|---|
| 10% below the price | 37.5% | +5.6 points |
| At the money | 32.0% | 0.0 points |
| 10% above the price | 31.5% | -0.4 points |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Volatility Smile in RingMasterThe Volatility Smile guide
Volatility Surface
On 28 Sep 2026, PNW's surface spans 5 expiries out to 200 days, with IV from 20.3 to 80.5 percent near the price.
| Figure | Value |
|---|---|
| Expiries captured | 5 |
| Nearest expiry | 16 Oct 2026, 18 days |
| Farthest expiry | 16 Apr 2027, 200 days |
| Points within 10% of the price, 7 days out or more | 18 |
| Lowest IV among them | 20.3% |
| Highest IV among them | 80.5% |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Volatility Surface in RingMasterThe Volatility Surface guide
Expiry Ladder
On 28 Sep 2026, PNW has 5 captured expiries, from 16 Oct 2026 to 16 Apr 2027.
| Expiry | Days | At the money IV | Call open interest | Put open interest |
|---|---|---|---|---|
| 16 Oct 2026 | 18 | 34.8% | 1,589 | 400 |
| 20 Nov 2026 | 53 | 32.0% | 10 | 48 |
| 18 Dec 2026 | 81 | 26.9% | 467 | 109 |
| 15 Jan 2027 | 109 | 28.0% | 161 | 54 |
| 16 Apr 2027 | 200 | 26.4% | 95 | 54 |
Open interest is summed over the strikes captured near the price on each expiry.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Strike Table
On 28 Sep 2026, PNW's largest open interest sits at the 105 strike, with 977 contracts across the captured expiries.
| Strike | Call open interest | Put open interest | Total |
|---|---|---|---|
| 105 | 977 | 0 | 977 |
| 95 | 543 | 152 | 695 |
| 100 | 314 | 18 | 332 |
| 110 | 278 | 0 | 278 |
| 90 | 84 | 164 | 248 |
| 85 | 25 | 169 | 194 |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Since Yesterday
From 25 Sep 2026 to 28 Sep 2026, PNW's at the money IV moved from 30.2 percent to 34.8 percent.
| Figure | 25 Sep | 28 Sep | Change |
|---|---|---|---|
| At the money IV | 30.2% | 34.8% | +4.6 points |
| Open interest, strikes captured near the price | 2,922 | 2,987 | +65 |
| Put/call ratio, open interest | 0.31 | 0.29 | -0.02 |
Open interest changes cannot identify buyers or sellers.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Changed Hands
On 28 Sep 2026, 329 PNW option contracts traded, 0.9 times its own recent average.
| Figure | Value |
|---|---|
| Calls traded | 227 |
| Puts traded | 102 |
| Against its recent average | 0.9 times |
| Busier than | 1 of its last 6 trading days |
| Open interest, whole chain | 3,295 contracts |
| Volume to open interest | 0.10 |
| Unusual volume flag | No |
Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Positioning Replay
The replay holds 10 trading days of PNW's option positioning, from 25 Aug 2026 to 28 Sep 2026.
| Date | Close | Net dollar gamma | Top call strike | Top put strike |
|---|---|---|---|---|
| 25 Aug 2026 | 97.67 | $533,552 | 100 | 95 |
| 31 Aug 2026 | 97.64 | $459,021 | 105 | 95 |
| 28 Sep 2026 | 91.32 | $343,282 | 95 | 95 |
Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Positioning Replay in RingMasterThe Positioning Replay guide
Read-out
On 25 Sep 2026 the desk's view of PNW was bullish, paper trading.
| Figure | Value |
|---|---|
| Side | Bullish at 45 trading days, no signal |
| Strategy family | Cash-secured put (sell a put below the price) |
| Price target | None. The desk has no price model. |
The levels are prices the shares turned at on the chart, with the date of each.
Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.
Rank by Timeframe
On 25 Sep 2026 PNW sat at the 92nd percentile of the model's 45 trading day ranking, paper trading.
| Timeframe | Percentile | Side |
|---|---|---|
| 10 trading days | 14 of 100 | Bearish |
| 20 trading days | 9 of 100 | Bearish |
| 45 trading days | 92 of 100 | Bullish |
100 is the top of the ranking. A name in the middle three fifths is neutral.
Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.
Open Rank by Timeframe in RingMasterThe Rank by Timeframe guide
Timeframe Agreement
On 25 Sep 2026, 1 of 3 timeframes put PNW on the bullish side, paper trading.
| Group | Timeframes | Side | On that side |
|---|---|---|---|
| Near | 10 day, 20 day | Bearish | 2 of 2 |
| Long | 45 day | Bullish | 1 of 1 |
The near timeframes and the long ones were on opposite sides, and the desk states both.
Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.
Open Timeframe Agreement in RingMasterThe Timeframe Agreement guide
Signal History
On 25 Sep 2026 PNW had carried no signal for at least 5 trading days, paper trading.
| Trading day | Signal | 45 day percentile |
|---|---|---|
| 25 Sep 2026 | None | 92 of 100 |
| 24 Sep 2026 | None | 78 of 100 |
| 23 Sep 2026 | None | 68 of 100 |
| 22 Sep 2026 | None | 81 of 100 |
| 21 Sep 2026 | None | 1 of 100 |
Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.
Sector Split
On 25 Sep 2026, 20 of 35 Utilities names were bullish and 11 were bearish, paper trading.
| Sector | Names | Bullish | Bearish | Neutral |
|---|---|---|---|---|
| Utilities | 35 | 20 | 11 | 4 |
Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.
Questions
- What is PNW's IV rank?
- PNW's IV rank is 81 of 100 on 28 Sep 2026.
- What move are PNW options pricing?
- On 28 Sep 2026, PNW options priced a move of 7.7 percent down and 6.8 percent up by 16 Oct 2026.
- Where are PNW's call wall and put wall?
- On 28 Sep 2026, PNW's call wall and put wall are both at the 95 strike.
- What was the desk's latest view of PNW on the Free plan?
- On 25 Sep 2026 the desk's view of PNW was bullish, paper trading.
More Utilities names
- ATO, Atmos Energy Corp
- LNT, Alliant Energy Corp
- AEE, Ameren Corp
- CMS, CMS Energy Corp
- DTE, DTE Energy Co
Guides and the full list
- Every covered stock, fund and index, A to Z
- Reading the options suite
- Options for beginners
- How Trade Cards work
- Words the desk uses
Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.